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Guest Commentary: USD/JPY Medium-term Cycle Remains Bullish

2013-08-12 12:30:00

Eric Morera,Technical Strategist

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Mid-longer term cycles remain bullish when we view the recent pullback to be wave ( 4 ). Short-term support lies between 95.14 - 95.54 from where we expect an upside reaction which could be wave ( D ) of a bullish triangle consolidation or would fail and result in a sharp drop to new lows below 93.77 toward 91.00 region to complete wave ( 4 ) as as double correction. Either way, we believe, it would present a good long opportunity after completion of this on-going correction.

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